GP Eco Solutions IPO: The initial public offering (IPO) of GP Eco Solutions India Ltd, specializing in solar energy solutions, witnessed overwhelming demand soon after its launch on June 14. The SME IPO, which will remain open until June 19, saw subscriptions soaring within hours of opening.
GP Eco Solutions India offers solar inverters and panels, targeting sustainable energy solutions in India. The IPO, featuring a price band of ₹90 to ₹94 per share, aims to raise ₹30.79 crore through a fresh issue of 32.76 lakh equity shares.
As of June 14, the first day of bidding, the IPO garnered bids for 6.28 crore equity shares against the offering of 20.65 lakh shares, translating to an oversubscription of 30.44 times. The retail category saw a particularly high demand, oversubscribing by 47.20 times, while Non-Institutional Investors (NII) subscribed by 31.82 times. Qualified Institutional Bidders (QIBs) showed a modest subscription of 0.02 times.
Market observers reported a robust grey market premium (GMP) of ₹145 per share, indicating strong investor confidence with shares trading at ₹239, a substantial premium of 154.26% over the issue price of ₹94 per share.
The IPO, managed by Corporate Capitalventures Pvt Ltd as the book running lead manager and Bigshare Services Pvt Ltd as the registrar, is expected to finalize allotments on June 20, with listing scheduled for June 24 on NSE SME platform.
Promoted by Deepak Pandey, Anju Pandey, and Astik Mani Tripathi, GP Eco Solutions aims to leverage this IPO to expand its market presence and bolster its sustainable energy initiatives.
